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• Course Code: BUECO5903
• University: Federation University Australia
• Country: Australia

## Questions:

### 1:

Assuming perfect competion:

(a) Illustrate and explain using two diagrams the long-run supply of a constant cost industry for both the individual firm and the industry .
(b) Illustrate and explain using two diagrams the long-run supply of an increasing cost industry for both the individual firm and the industry.
(c) Illustrate and explain using two diagrams the long-run supply of a decreasing cost industry for both the individual firm and the industry.

### 2:

What will happen to the equilohnum price and quantity of margarine in each of the folkswmg cases? Illustrate with a diagram and explain w holier demand or supply (or herb) have shifted and in which dirortion. On each case. assume rercris panha).

(a) A rise in the price of maganne,
(b) A rise in the demand for yoghurt:
(c) A rise in the price of bread.
(d) A rise in the demand for bread:
(e) An expected rise in the pnee of butter in the near future;

A tax on butter production:

(g) 1M invention of new. but expensive. process for it-mosmg all cholesterol from butter. plus the passing of a law which slates that all butter producers must use this process.

### 3:

Diagram below illustrates a firm under nsonopolistic competition:

(a) Label the following curves: Cunt Leone II, Cunt III. Curve IV.
(b) Does the diagram represent the shun-run or long-run position? Explain your answer.
(d) What are the profit maximising output and price?
(e) On the diagram shade in the amount of profit made at the maximum.profit output.
(f) Draw new aserage and marginal revenue curves on the diagram to illustrate the long-run equilibrium that will occur after the entry of new thins min the industry
(g) Explain the relationship between the AC. MC. AR and MR curia at this long-ion equilibrium position?

### 4:

(a) Suppose that oil prices rise sharply for years as a result of a war in the Middle East. Illustrate with a diagram what happens to the:

(I) Demand for automobiles?
(ii) Demand for home insulation?
(iii) Demand for coal?
(iv) Demand for tyres?
(v) Demand for bicycles?
(b) Why are public goods not produced in sufficient quantities by private markets?

### 5:

(a) Explain why scarcity forces individuals and society to incur opportunity costs. Give specific examples.
(b) Suppose a chocolate bar manufacturer promotes its products by advertising and opportunity to win a 'free car'. Is this car free because the winner pays ram dollars for it?
(c) Why is the production possibility frontier bowed outwards?

### Cite This Work

[Accessed 27 January 2021].

My Assignment Help. 'Business Economics' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bueco5903-business-economics/explain-using-two-diagrams-the-long-run-supply.html> accessed 27 January 2021.

My Assignment Help. Business Economics [Internet]. My Assignment Help. 2020 [cited 27 January 2021]. Available from: https://myassignmenthelp.com/free-samples/bueco5903-business-economics/explain-using-two-diagrams-the-long-run-supply.html.

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